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Tesla believes in the potential of digital assets,” SEC filing reveals
Tesla leaves the door open for more cryptocurrency investments in the future The filing does not mention if or when the company will accept payments in the form of digital assets After months of mixed messages from its CEO, electric car company Tesla has taken a firmer stance and decided to leave the door open for further investments in digital assets, a recent filing with the SEC shows. “We believe in the long-term potential of digital assets as both an investment and a liquid alternative to cash,” Tesla’s quarterly SEC filing said. Tesla reported holdings of digital assets in the first quarter...
Tesla believes in the potential of digital assets,” SEC filing reveals
- Tesla lässt die Tür für weitere Kryptowährungsinvestitionen in der Zukunft offen
- Die Einreichung erwähnt nicht, ob oder wann das Unternehmen Zahlungen in Form von digitalen Assets akzeptiert
After months of mixed messages from its CEO, electric car company Tesla has taken a firmer stance, choosing to leave the door open to further investment in digital assets, a recent filing with the SEC shows.
“We believe in the long-term potential of digital assets as both an investment and a liquid alternative to cash,” Tesla said in its quarterly report SEC filing called.
Tesla reported $1.26 billion in digital asset holdings in the first quarter Results report last month, almost unchanged from its holdings at the end of the fourth quarter of 2021, when it made its first and only $1.5 billion Bitcoin investment. The fair market value of its digital asset holdings as of March 31, 2022 is $1.96 billion, the filing said.
Tesla CEO Elon Musk's love-hate relationship with cryptocurrencies has been playing out on the public stage for over a year.
In March 2021, a month after Tesla's Bitcoin purchase, Musk announced via Twitter that the company would accept Bitcoin as payment. Less than two months later, also in a tweet, Musk contradicted his previous statement and revealed that Tesla would not accept Bitcoin due to the cryptocurrency's environmental impact.
In July 2021, Musk clarified that if Bitcoin mining moves in a sustainable direction, he would consider adding it as a payment method. In October, the company confirmed that it was leaving the door open for crypto payments SEC filing.
Musk has long been interested in another cryptocurrency - the so-called meme coin Dogecoins. Tesla now accepts payments in Dogecoin on its online shop for select items, although no revenue from Dogecoin payments was recorded in the earnings report.
“As with any investment, and consistent with the way we manage fiat-based cash and cash equivalent accounts, we may increase or decrease our holdings of digital assets at any time based on the needs of the business and our assessment of market and environmental conditions,” the quarterly filing said.
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The post Tesla “Believes in the Potential of Digital Assets,” SEC Filing Reveals is not financial advice.